Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/MXN retreats but maintains bullish outlook

• USD/MXN initially dipped on Friday but recovered some ground  as traders  closely analysed the potential impact of U.S. tariffs under the incoming administration of President-elect Donald Trump.

• Mexico is expected to be the most adversely affected by Trump's proposed tariffs. Analysts indicated that Mexico's economy is likely to remain sluggish throughout the year.

• The Mexican peso touched an over two-year low against the dollar, before reversing course to rise 0.56%..

• At GMT 14:12, the pair was trading up 0.69% at 20.650.

•  Immediate resistance is located at 20.965 (23.6%fib), any close above will push the pair towards 20.057(Higher BB).

• Support is seen at 20.545(Jan 2nd low) and break below could take the pair towards 20.366(38.2%fib).

Recommendation: Good to buy  around 20.650 with stop loss of 20.450 and target price of 21.000

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.